Platinum Dunes partners Michael Bay, Brad Fuller and Andrew Form are producing with John Rickard co-producing. Samuel Bayer will direct from Wesley Strick’s script, with lensing set to begin next month in Chicago.

New Line decided last year to relaunch the movie series centered on the iconic killer, who haunts the dreams of teenagers and kills them in their sleep. Krueger was played by Robert Englund in the 1984 original, spawning nine films and two TV series in what was New Line’s most lucrative franchise until “The Lord of the Rings.”

The relaunch comes on the heels of New Line and Platinum Dunes’ rebirth of another horror franchise, “Friday the 13th,” which has grossed $65 million domestically since its launch on Friday, Feb. 13.

Haley starred in “Watchmen” as Rorshach and will next be seen alongside Leonardo DiCaprio in Phoenix Pictures’ “Shutter Island,” directed by Martin Scorsese.